Mark Sidney|  Opinion| There is no doubt about it, the American economy, and I’m talking Main Street, not Wall Street, is on the ropes right now.

I hate to say it, but I have a bad feeling that the economic effects of this ‘situation’ will be felt for years, if not decades to come.  Thankfully, for those unemployed, President Trump is taking direct action.  The President says that Democrat’s refusal to compromise in the House is the reason he was forced to take matters into his own hands.

Whitehouse.Gov explained:

By the authority vested in me as President by the Constitution and the laws of the United States of America, including the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5121-5207 (the “Stafford Act”), and in light of Proclamation 9994 of March 13, 2020 (Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID-19) Outbreak), which declared a national emergency by reason of the threat posed by the outbreak of the novel (new) coronavirus known as SARS-CoV-2, it is hereby ordered as follows:

Section 1.  Policy.  Protective measures enacted by States and localities across the country to prevent loss of life from COVID-19 have resulted in millions of Americans becoming unemployed and in need of assistance.  My Administration, recognizing the acute financial distress affecting families across the country, has worked to quickly provide billions of dollars in relief to supplement unemployment benefits and help businesses keep their workers employed, in addition to zeroing Federal student loan interest and delaying Tax Day.  In total, nearly $3 trillion has been appropriated for emergency funding related to COVID-19.

Because many of the relief programs created by the Congress have expired or will shortly expire, my Administration and the Republican leadership in the United States Senate have proposed multiple options to continue to provide needed relief to Americans.  But Democratic Members of Congress have twice blocked temporary extensions of supplemental unemployment benefits.  Political games that harm American lives are unacceptable, especially during a global pandemic, and therefore I am taking action to provide financial security to Americans.

I am hereby directing the Federal Emergency Management Agency (FEMA) to assist in providing benefits from the DRF, and am calling upon the States to use their CRF allocation, to bring continued financial relief to Americans who are suffering from unemployment due to the COVID-19 outbreak.

Sec4.  Assistance Program for Lost Wages.  (a)  For purposes of this memorandum, “State” includes the territories and the District of Columbia, and “Governor” includes the chief executive thereof.

(b)  To help meet the needs of the American people during this unprecedented and continuously evolving public health crisis, the Secretary of Homeland Security (Secretary), acting through the FEMA Administrator, is authorized to make available other needs assistance for lost wages, in accordance with section 408(e)(2) of the Stafford Act (42 U.S.C. 5174(e)(2)) (“lost wages assistance”), to the people of a State, including the members of any tribe residing therein, if the Governor requests lost wages assistance and agrees to administer delivery and provide adequate oversight of the program, for a major disaster I declared pursuant to section 401 of the Stafford Act (42 U.S.C. 5170) for COVID-19, under the following conditions:

(i)   the Governor requests from the FEMA Administrator a grant for lost wages assistance pursuant to 42 U.S.C. 5174(f)(1)(A) and agrees to the cost-sharing requirement of 42 U.S.C. 5174(g)(2); and

(ii)  the Governor administers delivery of financial assistance for lost wages in conjunction with the State’s unemployment insurance system.

(c)  In exercising this authority, the Secretary, acting through the FEMA Administrator, shall, subject to the limitations above, approve a lost wages assistance program that authorizes the Governor to provide a $400 payment per week, which shall reflect a $300 Federal contribution, to eligible claimants from the week of unemployment ending August 1, 2020.

(d)  For purposes of this memorandum, the term “Eligible claimants” means claimants who:

(i)   receive, for the week lost wages assistance is sought, at least $100 per week of any of the following benefits:

(A)  Unemployment compensation, including Unemployment Compensation for Federal Employees (UCFE) and Unemployment Compensation for Ex‑Service members (UCX), under section 8501 of title 5, United States Code;

(B)  Pandemic Emergency Unemployment Compensation (PEUC), under section 2107 of the CARES Act;

(C)  Pandemic Unemployment Assistance (PUA), under section 2102 of the CARES Act;

(D)  Extended Benefits (EB), under section 3304 of title 26, United States Code;

(E)  Short-Time Compensation (STC), under section 3306(v) of title 26, United States Code;

(F)  Trade Readjustment Allowance (TRA), under sections 2291 through 2293 of title 19, United States Code; and

(G)  Payments under the Self-Employment Assistant (SEA) program, under section 3306(t) of title 26, United States Code; and

(ii)  provide self-certification that the claimant is unemployed or partially unemployed due to disruptions caused by COVID-19.

(e)  The authority vested in the Secretary, acting through the FEMA Administrator, to approve lost wages assistance shall not be construed to encompass authority to approve other forms of assistance.

Sec6.  Termination.  (a)  The lost wages assistance program described in section 4(b) of this memorandum shall be available for eligible claimants until the balance of the DRF reaches $25 billion or for weeks of unemployment ending not later than December 6, 2020, whichever occurs first, at which time the lost wages assistance program shall terminate.


So what does this mean for you?

Fox News is reporting:

‘President Trump signed four executive orders Saturday aimed at delivering relief to Americans struggling with the economic fallout of the coronavirus while accusing Democrats of stonewalling greater aid efforts.

Trump announced a $400-per-week supplemental unemployment payment to out-of-work Americans — short of the $600 weekly benefit that expired at the end of July. He unveiled an extension of student loan relief and protections from evictions for renters and homeowners.

Trump also signed a payroll tax holiday through the end of the year to Americans earning less than $100,000, while promising more relief if he wins a second term.

The president signed the executive actions from his Trump National Golf Club in Bedminster N.J. as club members cheered him on. He blamed Democrats for the coronavirus deal stalemate in Congress and said he’d take matters into his own hands.

Democrats are obstructing all of it,” Trump said. “Therefore I’m taking executive action … and we’re going to save American jobs and provide relief to the American workers.”

For the new $400-per-week benefit, states would be on the hook for funding 25 percent to the millions of jobless Americans, while the federal government would pick up 75 percent of the benefit, Trump said. Asked when the jobless would see the money, Trump said it would be “rapidly distributed.”

While this is good news for those whose bills are coming due without having a job at the moment, this is not going to be good for the national debt and the value of the dollar long term.  Trump is caught between a rock and a hard place, so he had to do something, we can not let 10,000,000 Americas go without.

If you ask me, it is high time we reopen this economy or we will be forced to print our way into hyper inflation …

Mark Siidney

Father, Husband, Son. Mark is just a regular guy from a blue color family who writes opinion articles. Mark has Economics & Political Science degrees from Rutgers University.

View all posts